Greece has formally cleared the way for American energy major Chevron to join the Block 10 offshore gas concession located in the southern Ionian Sea, marking a significant development in the country’s offshore exploration activities. The approval was granted during a meeting held at the Ministry of Environment and Energy on 15th June 2026.
As part of the agreed arrangement, Chevron will acquire a 70% participating interest in the Block 10 offshore gas concession and will serve as the operator, while Greek energy company HELLENiQ ENERGY will maintain the remaining 30% stake. The transaction is expected to be finalized within the next few days once all remaining administrative procedures have been completed by the ministry, the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), and through foreign direct investment clearance.
Situated offshore from the Kyparissia Gulf in the southern Ionian Sea, the Block 10 offshore gas concession has already progressed through its first and second exploration stages. Those phases included extensive geological, geophysical, and environmental assessments designed to evaluate the area’s hydrocarbon potential. During 2022, the consortium gathered 1,210 kilometers of 2D seismic data along with 2,416 square kilometers of 3D seismic data, covering 88% of the concession area. With Chevron’s entry now approved, the newly formed Chevron-HELLENiQ ENERGY partnership will undertake a detailed review of the available seismic information before making a decision on advancing to the third exploration phase. That stage would involve the drilling of an exploratory well.
The latest approval gives Chevron its fifth offshore position in Greece through cooperation with HELLENiQ ENERGY. Prior to securing participation in the Block 10 offshore gas concession, the companies had already obtained rights to four additional offshore blocks located south of Crete and the Peloponnese, further expanding the country’s offshore exploration portfolio.
The meeting that confirmed the approval was attended by Energy Minister Stavros Papastavrou, Deputy Energy Minister Nikos Tsafos, U.S. Ambassador Kimberly Guilfoyle, HEREMA CEO Aristofanis Stefatos, Chevron’s Middle East and North Africa Exploration Director Andrew Deighan, and HELLENiQ ENERGY CEO Andreas Shiamishis.
Papastavrou described the move as part of Greece’s broader strategy to develop its national energy resources, strengthen energy security, and attract major international investors. Ambassador Guilfoyle emphasised the importance of the partnership for regional energy stability in Southeastern Europe.
The development comes as Greece continues to advance its offshore energy programme in accordance with international law. Block 10 is located in the Ionian Sea and lies outside the most contested maritime areas south of Crete. The immediate priority for Chevron and HELLENiQ ENERGY will be to complete their assessment of the existing seismic data and determine whether the project should proceed to exploratory drilling.
